Ethereum (ETH), like Bitcoin, has struggled to stay above $3,500 and has fallen further to around $3,150. The current price below $3,400 shows some signs of a bear market.

Ethereum price breaks support level

Ethereum has been steadily declining over the past few days. Recently, ETH attempted to rise again at the $3,450 level, but the bears remained active. They protected the $3,750 resistance and triggered a fresh decline, just like Bitcoin.

There was a clear decline below the $3,500 and $3,400 levels. The price even declined below the 50% Fibonacci retracement level of the upward wave from the $2,360 low to $4,094 high.

Ethereum is now trading well below the $3,500 level and the 50-day simple moving average (blue line). More importantly, there was a break above a bullish trend line with support at $3,320 on the daily chart.

These are worrying signs for the short-term bulls. If the bears continue to act, the price could fall below the $3,200 level with an immediate support near $3,150.

The first important support is near $3,000. It is close to the 61.8% Fibonacci retracement level of the upward wave from the $2,360 low to $4,094 high. A daily close below the $3,000 level could trigger more bearish moves for ETH.

In such a case, the price might decline and test the $2,770 support. If the bulls fail to defend the $2,770 support, Ethereum might even decline and retest the $2,350 pivot area.

ETH’s recovery?

Conversely, Ethereum might try to recover from $3,150 or $3,000. On the upside, the price might face resistance near the $3,300 level and the same trend line.

The first significant resistance is near $3,500. The next resistance is near $3,550 and the 50-day simple moving average (blue line) level. If the price breaks above the $3,550 level, it could open the doors for a strong rise with a target of $3,750. If Ethereum bulls push the price above the $3,750 resistance, they might aim for $4,050.

Overall, Ethereum price is showing signs of a bearish trend below $3,500 and $3,400. If Ethereum declines below the $3,150 and $3,000 levels, it could fall further towards the $2,770 support level in the coming days.